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home / news releases / ARES - Ares Management acquires $3.5B lender finance portfolio from PacWest Bancorp

ARES - Ares Management acquires $3.5B lender finance portfolio from PacWest Bancorp

Ares Management Corporation Class A

2023-06-26 07:02:27 ET

  • Ares Management ( NYSE: ARES ) on Monday said that certain funds managed by its Alternative Credit strategy have acquired a $3.5 billion specialty finance loan portfolio from PacWest Bancorp ( NASDAQ: PACW ).
  • Backed by assets across a variety of industries and asset classes, the portfolio was originated by PacWest’s Lender Finance unit and consists of high quality, senior secured, asset-backed loans with commitments of ~$3.5 billion.
  • "The move aims to improve liquidity and capital of PacWest Bancorp," said Paul Taylor, President and CEO of PacWest Bancorp.
  • Ares Management ( ARES ) received exclusive funding from Barclays for the deal.
  • Shares of PACW are up 8.6% in premarket trading on Monday.

For further details see:

Ares Management acquires $3.5B lender finance portfolio from PacWest Bancorp
Stock Information
Company Name: Ares Management Corporation Class A
Stock Symbol: ARES
Market: NYSE
Website: aresmgmt.com
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